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DERIVATIVE AND HEDGING INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amount of Derivatives Instruments
The following presents the notional amount of derivative instruments as of the dates indicated (in thousands):
June 30, 2024December 31, 2023
Derivatives designated as cash flow hedges:
Denominated in U.S. Dollars (1)
$753,750 $753,750 
Denominated in Canadian Dollars (2)
$300,000 $300,000 
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars$49,545 $55,335 
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars$188,800 $194,300 
Derivatives not designated as net investment hedges:
Denominated in Canadian Dollars$6,755 $965 
(1) Balance as of June 30, 2024 includes two forward starting interest rate swaps with an effective date of August 2024 and an aggregate notional amount of $323.8 million.
(2)    Balance as of June 30, 2024 includes two forward starting interest rate swaps with an effective date of September 2024 and an aggregate notional amount of CAD $150.0 million.
Schedule of Derivative and Financial Instruments Designated as Hedging Instruments
The following is a summary of the derivative and financial instruments designated as hedging instruments held by the Company at June 30, 2024 and December 31, 2023 (dollars in thousands):    
Count as of June 30, 2024
Fair Value as ofMaturity Dates
TypeDesignationJune 30, 2024December 31, 2023Balance Sheet Location
Assets:
Interest rate swapsCash flow5 $4,204 $6,002 2024 - 2028Accounts receivable, prepaid expenses and other assets, net
Interest rate collarsCash flow2 926 3,216 2024Accounts receivable, prepaid expenses and other assets, net
Forward starting interest rate swapsCash flow4 17,096 6,736 2028Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swapsNet investment2 4,252 2,964 2025Accounts receivable, prepaid expenses and other assets, net
$26,478 $18,918 
Liabilities:
CAD borrowings under Revolving Credit FacilityNet investment1 28,367 33,429 2027Revolving credit facility
CAD Term LoanNet investment1 109,665 113,190 2028Term loans, net
$138,032 $146,619 
Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of (Loss) Income and Condensed Consolidated Statements of Equity
The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the consolidated statements of income and the consolidated statements of equity for the three and six months ended June 30, 2024 and 2023 (in thousands):
Gain (Loss) Recognized in Other Comprehensive Income
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cash Flow Hedges:
Interest rate products$3,066 $15,546 $14,562 $17,089 
Net Investment Hedges:
Foreign currency products382 (778)1,293 (792)
CAD borrowings under Revolving Credit Facility46 (1,667)(457)(2,692)
CAD term loan1,095 (2,355)3,525 (2,495)
$4,589 $10,746 $18,923 $11,110 
Gain Reclassified from Accumulated Other Comprehensive Income into Income
Three Months Ended June 30,Six Months Ended June 30,
Income Statement Location2024202320242023
Cash Flow Hedges:
Interest rate productsInterest expense$2,390 $1,907 $4,838 $3,479 
Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Assets The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2024 and December 31, 2023 (in thousands):
As of June 30, 2024
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$26,478 $— $26,478 $— $— $26,478 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
As of December 31, 2023
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$18,918 $— $18,918 $— $— $18,918 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Liabilities The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2024 and December 31, 2023 (in thousands):
As of June 30, 2024
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$26,478 $— $26,478 $— $— $26,478 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
As of December 31, 2023
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$18,918 $— $18,918 $— $— $18,918 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $—